Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- Credit Unions Continue to Buy Banks Despite Bank Lobby, Regulator Pushback
April 23, 2022Regulators in a half dozen states have now thrown at least temporary roadblocks in front of credit unions’ efforts to buy community banks, but the deals continue on.
- Comments Submitted to CFPB in Response to RFI on Fees
April 18, 2022CUNA strongly objected to the Bureau's classification of a broad range of common financial services fees as “junk fees" in comments submitted to the CFPB last week. “The RFI characterizes a broad range of common fees in consumer financial services as so-called “junk fees” that obscure the true cost of financial services,” the letter reads, adding CUNA’s strong objection to this “deceptive language.” Your League has also commented.
- Letter Supporting SAFE Banking Act Sent to House Conferees of COMPETES Act
April 18, 2022CUNA wrote to the House Conferees of the America COMPETES Act in support of including the Secure and Fair Enforcement (SAFE) Banking Act in the final version of the legislation. The America COMPETES Act passed the House in February with the SAFE Banking Act attached, but passed the Senate without, so the differences will be worked out in conference committee.
- Bankers Fear CFPB Will Lower Cap on Credit Card Late Fees
April 15, 2022The Consumer Financial Protection Bureau is expected to seek to lower the cap on credit card late charges to safeguard cardholders from excessive fees imposed by issuers and from the effects of inflation.
- NCUA’s New Guide Simplifies, Clarifies Federal Credit Union Charter Application Process
April 14, 2022The National Credit Union Administration released its new Charter Application Guide and other resources today to assist people who want to bring federally insured financial services to their communities by starting a federal credit union. Agency will host May 4 Webinar on the Updated Guide and Chartering Process.
- CUs, League Celebrate After Governor Signs Parity Measures into Law
April 13, 2022The Commonwealth’s credit unions are celebrating Gov. Glenn Youngkin’s signing of two parity measures for state-chartered credit unions, both of which are set to become law July 1. “These parity measures represent our commitment to ensuring credit unions have the tools they need to serve their members,” said Virginia Credit Union League President/CEO Carrie Hunt.
- CUNA Supports SAFE Banking Inclusion in Final COMPETES Act
April 13, 2022CUNA wrote to House members Tuesday in support of including the Secure and Fair Enforcement (SAFE) Banking Act in the final version of the America COMPETES Act. The America COMPETES Act passed the House in February with the SAFE Banking Act attached, but passed the Senate without, so the differences will be worked out in conference committee.
- CFPB Mischaracterizes Many Financial Services Fees in RFI
April 13, 2022CUNA strongly objects to the Consumer Financial Protection Bureau’s (CFPB) classification of a broad range of common financial services fees as “junk fees,” it wrote Monday. CUNA responded to a CFPB request for information (RFI) on fees imposed by financial services providers. So did your League.
- NCUA Webinar on Overdraft Programs
April 13, 2022Last week, NCUA hosted a webinar to discuss overdraft programs and alternatives. At the start of the webinar, chairman Harper explained how heavy reliance on overdraft programs can harm members, especially during the pandemic when some members had changes in their account use and deposits. Harper also made it clear that a complete discontinuance of overdraft programs was not necessarily the best fit for all credit unions, but encouraged credit unions to review how these programs are used ... Learn more
- NCUA Board Approves Proposed Rule to Recognize Electronic Pleadings and Communications
April 13, 2022NCUA identified sections of the Uniform Rules that should be modified to recognize electronic pleadings and communications in administrative hearings and other sections that require modification based on the experience of the agencies in administrative litigation.